Social Security Consultants Near Me in St. Louis Hills, MO

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Social Security Consultant Near MeGet the Most From Your Social Security Benefits With Experienced Financial Advisors in St. Louis Hills, MO

Social security consultants near me in St. Louis Hills, MO. While it's comforting that Uncle Sam has a safety net for us in retirement, you still need to plan ahead to live the retirement you dreamed of. Dedicated Social Security consultants in St. Louis Hills, MO will work with you, not just to maximize your Social Security benefits, but design a holistic retirement plan that can help ensure your money is optimally positioned for growth and long-term stability. At Correct Capital Wealth Management, we offer a variety of tools, resources, and insights to our clients so they can live out the retirement they always wanted.


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Correct Capital Wealth Management's office is physically located in St. Louis, MO, but we serve clients throughout the United States in both personal financial planning and corporate retirement plans.

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According to research from the Social Security Administration, Social Security represents about 30% of income for the elderly. When you claim Social Security, you only have one opportunity to claim the most amount of income you are eligible for. Whether you're planning for decades into the future, or just want to make sure you're set up to get your full benefits for when you apply next year, call Correct Capital's St. Louis Hills, MO Social Security consultants and fiduciary advisors today at 877-930-4015 or contact us online.

Social Security Consultants Near Me St. Louis Hills, MO | Retirement Planning | Financial Advisors | Wealth Management Near St. Louis Hills

Maximum Your Social Security Benefits in St. Louis Hills, MO in 7 Steps

While the best retirement plans will include money from employer-backed plans, IRAs, and other accounts, you'll still want to make sure you're getting everything you can when it comes to your Social Security benefits. Below, you'll find seven tried-and-true ways for any worker to get the most out of their Social Security check:

  1. Wait to Claim Benefits
  2. Work at Least 35 Full Years
  3. Earn More Money
  4. Claim Spousal Benefits
  5. Avoid Social Security Taxes
  6. Double-Check the Social Security Administration's Work
  7. Hire a Qualified Social Security Consultant

1. Wait to Claim Benefits

A Schroders 2022 U.S. Retirement Survey stated that almost nine out of 10 non-retired Americans aged 45 and older know that remaining in the workforce for longer will increase their Social Security income, yet only just above 10% are planning to wait until age 70.

Pursuant to the Social Security Amendments of 1983, if you were born in 1960 or later your full retirement age is 67. If you leave the workforce at 62, the earliest you can apply for benefits, your payout would be lowered by 30%, and your spouse's by 35%. Retiring at up to age 70 would mean you receive delayed retirement benefits, which gives you about 77% more each month than retiring at 62.

The maximum benefits for people who claim at 62, 67, and 70 in 2022 are:

  • $2,364 a month if you retire at 62
  • $3,345 a month if you retire at full retirement age
  • $4,194 a month if you retire at 70

Of course, you may decide to trade off the extra income with other things you want to do in retirement, such as seeing your St. Louis Hills, MO family more or finally visiting those dream vacation spots. But it's important to understand how your retirement age affects your Social Security income, and to consider, along with your financial advisor, if it's worth holding out for a few extra years to increase your benefits.

2. Work at Least 35 Full Years

The Social Security Administration calculates how much you'll receive for your benefits by using "average indexed monthly earnings" (AIME). AIME considers the 35 years you had the highest income. If you didn't work for 35 years, the years you didn't receive an income count for nothing. If you were in the workforce for more than 35 years, the years with the highest income will cancel out the years you earned the least, boosting your benefit.

If you remain in the St. Louis Hills, MO workforce after you've started claiming benefits, those years will count towards your AIME once you start claiming full benefits.

3. Earn More Money

While this is what most of us strive for anyway, it's also significantly helpful in increasing your benefits when you eventually retire. Higher income leads to both a higher AIME and more of your money going to Social Security taxes. Both of those factors help determine whether you'll be eligible for the maximum retirement benefit. So, being more aggressive in seeking raises, promotions, or seeking the next step up at another company, or picking up a side hustle, may increase your benefits. However, earnings over a specific amount are not factored into your retirement benefits. In 2023, income over $160,200 will not be calculated.


4. Claim Spousal Benefits

If you and your spouse both received income, the spouse who earned less can claim their own Social Security benefits, or up to half of the higher earner's benefits, whichever is higher. Again, it's advisable to wait until the full retirement age to get the full 50%.

If your spouse has passed away, you're also eligible for survivor's benefits. You can elect for your survivor’s benefit at age 60 (although like retirement and spousal benefits, it will be reduced) and claim your own benefit down the road if your work record provides a larger check.



5. Avoid Paying Too Much in Social Security Taxes

Tax planning is an important part of any financial consideration, and that remains true once we retire. You may have to pay taxed if you started receiving Social Security in St. Louis Hills, MO before your full retirement age and plan to continue working after you start receiving Social Security. The IRS calculates your tax consequences based on the sum of your nontaxable income, half your Social Security benefit, and your adjusted gross income.If that total is below $25,000 for individuals or $32,000 for joint filers, there will be no federal tax implications. Between $25,000 and $34,000 for individuals and $32,000 and $44,000 for joint filers, up to 50% of your benefit will be subject to federal taxes. If that total exceeds those numbers, up to 85% of your Social Security income can be subject to taxes.

Missouri is only one of 12 states that may tax your Social Security benefits.

Similarly, if you keep working after you start receiving benefits, you may unintentionally move into a higher tax bracket.

6. Double-Check the Social Security Administration's Work

The SSA sends your personal Social Security statement statement every year, which details your income and the taxes you've paid into social security. Check the Social Security Administration's work against your W2, pay stubs, or tax returns. You'll want to make sure you're getting credit for the Social Security taxes you've paid, and that all of your income is recorded. You'll want the years for the highest income to be recorded for when the administration calculates your AIME.


7. Hire a Qualified St. Louis Hills, MO Social Security Consultant

It's hard to replace the expertise of any professional in a given field, and many workers in St. Louis Hills, MO retirement planning and Social Security benefits themselves, whether because of time, knowledge, or interest. With the day-to-day grind of our careers and putting food on the table, it can be easy to let something important like Social Security planning fall into the cracks when it's still years or decades until you'll start receiving benefits. Correct Capital's team of St. Louis Hills, MO Social Security consultants has the experience and knowledge necessary to help individuals, families, and business owners achieve the golden years they always envisioned, and feel secure in their financial future. Our team is made up of award-winning advisors and a dedicated support staff, all with the experience, knowledge, and drive needed to deliver positive client experiences. Through careful tax planning, active asset management, and other areas of expertise in St. Louis Hills, MO such as 401(k) rollover, we'll do our part to provide you with a financially secure and happy retirement.

For more assistance with retirement planning in St. Louis Hills, MO, check out Correct Capital's and Savology's free online retirement calculator, or make a get-to-know-you call with one of our advisors today.

Other services we offer in St. Louis Hills, MO include:

Social Security Consultants Near Me St. Louis Hills, MO | Retirement Planning | Financial Advisors | Wealth Management Near St. Louis Hills

Social Security Consultants Near Me in St. Louis Hills, MO | Correct Capital Wealth Management

At Correct Capital, our St. Louis Hills, MO Social Security consultants, financial advisors, and CERTIFIED FINANCIAL PLANNER™ professionals are capable of much more than just getting you the maximum Social Security pay out. We create an exhaustive, tailored financial plan for you to ensure your own retirement savings are best positioned for long-term growth and stability. Reach out to Correct Capital today at 877-930-4015 or contact us online for dependable, experienced, and trustworthy Social Security consultants in St. Louis Hills, MO.


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